<SEC-DOCUMENT>0001299933-16-002390.txt : 20160504
<SEC-HEADER>0001299933-16-002390.hdr.sgml : 20160504
<ACCEPTANCE-DATETIME>20160504162724
ACCESSION NUMBER:		0001299933-16-002390
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160504
DATE AS OF CHANGE:		20160504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLATFELTER P H CO
		CENTRAL INDEX KEY:			0000041719
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				230628360
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03560
		FILM NUMBER:		161619771

	BUSINESS ADDRESS:	
		STREET 1:		96 S GEORGE ST
		STREET 2:		STE 500
		CITY:			YORK
		STATE:			PA
		ZIP:			17401
		BUSINESS PHONE:		7172252709

	MAIL ADDRESS:	
		STREET 1:		96 S GEORGE ST
		STREET 2:		STE 500
		CITY:			YORK
		STATE:			PA
		ZIP:			17401
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_53452.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> P. H. Glatfelter Company (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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<BR>
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	May 3, 2016
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	P. H. Glatfelter Company
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	&nbsp;
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	Pennsylvania
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	001-03560
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	23-0628360
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	&nbsp;&nbsp;
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	96 S. George Street, Suite 520, York, Pennsylvania
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	&nbsp;
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	17401
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	&nbsp;
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	717 225 4711
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
</FONT>
<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<FONT SIZE="2">Top of the Form</FONT>
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<B>
	Item 2.02 Results of Operations and Financial Condition.
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On May 3, 2016, the Company reported its results of operations for the three months ended March 31, 2016.  A copy of the press release issued by the Company is furnished herewith as Exhibit 99.1. The Company also held a teleconference call that same day, during which management discussed the Company&#x2019;s financial performance for the first quarter of 2016 and other matters relating to its business.  A copy of the teleconference transcript is furnished herewith as Exhibit 99.2. <br><br>
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<B>
	Item 9.01 Financial Statements and Exhibits.
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d) Exhibits. <br><br>  <br>99.1      Press release dated May 3, 2016, to report results of operations for the three months ended March 31, 2016.<br>  <br>99.2      Transcript from the Company&#x2019;s teleconference held on May 3, 2016, to discuss its first quarter 2016 results of operations.<br>
</FONT>
</P>
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<BR><BR><BR><BR><P ALIGN="LEFT" STYLE="FONT-SIZE: 10PT">The information furnished in this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed &#x201C;filed&#x201D; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. <br></P><!-- PageBreak START -->
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<B>
	SIGNATURES
</B>
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	P. H. Glatfelter Company
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	&nbsp;&nbsp;
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<I>
	May 4, 2016
</I>
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	&nbsp;
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<I>
	By:
</I>
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	&nbsp;
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<I>
	/s/ David C. Elder
</I>
<BR>
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	&nbsp;
</FONT>
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	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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	&nbsp;
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<I>
	Name: David C. Elder
</I>
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	&nbsp;
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<I>
	Title: Vice President, Finance
</I>
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	Exhibit&nbsp;Index
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<B>
	Exhibit No.
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	Description
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	99.1
</DIV>
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<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Press release issued May 3, 2016, to report results of operations for the three months ended March 31, 2016
</FONT>
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	99.2
</DIV>
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<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Transcript from the Company&#x2019;s teleconference held on May 3, 2016, to discuss its first quarter 2016 results of operations.<br>
</FONT>
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<TYPE>EX-99.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
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<TITLE> EX-99.1 </TITLE>
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-right:1%; font-size: 10pt"><FONT style="font-size: 12pt"><img src="e42591-1612512162953757e5_1.jpg"></FONT><FONT style="font-size: 11pt">
</FONT>
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<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
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    <TD width="38%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">For Immediate Release
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contacts:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Investors:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Media:</I></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John P. Jacunski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William T. Yanavitch</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(717) 225-2794
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(717) 225-2747</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"><B>GLATFELTER REPORTS FIRST-QUARTER 2016 EARNINGS</B>



<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt"><B>YORK, Pennsylvania &#150; May&nbsp;3, 2016 &#150; </B>Glatfelter (NYSE: GLT) today reported first-quarter 2016
net income of $16.2&nbsp;million, or $0.37 per diluted share compared with $13.9&nbsp;million, or $0.32 per
diluted share in the first quarter of 2015. Adjusted earnings for the first quarter of 2016 were
$16.3&nbsp;million, or $0.37 per diluted share, a 23&nbsp;percent increase compared with $13.4&nbsp;million, or
$0.30 per diluted share, for the same period a year ago.
</FONT>

<P align="left" style="font-size: 10pt">Consolidated net sales totaled $402.2&nbsp;million and $417.5&nbsp;million in the first quarters of 2016 and
2015, respectively. Currency translation adjustments unfavorably impacted the year-over-year
comparison by $5.2&nbsp;million.


<P align="left" style="font-size: 10pt">&#147;Glatfelter is off to a solid start in 2016 as a result of our focus on operational excellence and
leadership positions in key markets,&#148; said Dante C. Parrini, Chairman and Chief Executive Officer.
&#147;Our Advanced Airlaid Materials and Specialty Papers businesses reported operating income increases
of 25&nbsp;percent and 58&nbsp;percent, respectively, compared with the first quarter of 2015, with improved
operations and increased shipping volumes. The strong performance of these two businesses was
partially offset by lower operating income in the Composite Fibers business, which was impacted by
softer demand during the quarter for food and beverage products after a strong 2015.&#148;


<P align="left" style="font-size: 10pt">Mr.&nbsp;Parrini continued, &#147;Glatfelter is fully committed to building upon our market leadership
positions across all of our business units. To accelerate our growth as a leading global
engineered materials company, we have been making select, strategic investments &#150; including a new,
state-of-the-art Advanced Airlaid Materials production facility in Fort Smith, Arkansas, which is
expected to be completed in late 2017. Our airlaid business continues to grow with key customers
in the feminine hygiene, adult incontinence and specialty wipes markets. In Specialty Papers, our
manufacturing performance is improving, we expect to see the impact of recently announced price
increases predominantly during the second half of the year, and we anticipate completing our
environmental compliance projects by the end of the year. Although Composite Fibers had a
challenging first quarter, this business is core to our growth strategy due to its positions in
growing markets and close relationships with a broad, industry-leading, customer base.&#148;


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->

<P align="left" style="font-size: 10pt">The following table sets forth a reconciliation of net income on a GAAP basis to adjusted earnings,
a non-GAAP measure:

<DIV align="center">
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<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">For the three months ended March 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>In thousands, except per share</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>After tax amounts</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>Diluted EPS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">After tax amounts
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Diluted EPS
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Net income</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>16,168</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>0.37</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">13,925</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"> 0.32</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Timberland sales and related costs</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">(1,617</FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">(0.04</FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Workforce efficiency charges</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>68</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">953</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">0.02</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Acquisition and integration related costs</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">113</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Specialty Papers&#146; environmental compliance</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>23</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Airlaid capacity expansion costs</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>34</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt"> Adjusted earnings</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>16,293</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>0.37</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">13,374</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">0.30</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10.5pt"><FONT style="font-size: 8pt">The sum of individual per share amounts set forth above may not agree to adjusted earnings per
share due to rounding.
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 10pt"><B>First-Quarter Business Unit Results</B>
</FONT>

<P align="left" style="font-size: 10pt"><B><I>Composite Fibers</I></B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Three months ended March 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Dollars in thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Change</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tons shipped
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>36,912</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37,960</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1,048</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(2.8</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>123,542</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">135,294</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">(11,752</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(8.7</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>11,187</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14,653</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3,466</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(23.7</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating margin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>9.1</B></TD>
    <TD nowrap valign="top"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.8</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Composite Fibers&#146; net sales declined $11.8&nbsp;million, or 8.7&nbsp;percent, due to $3.0&nbsp;million of lower
selling prices, $4.5&nbsp;million of unfavorable currency translation and lower shipping volumes.


<P align="left" style="font-size: 10pt">Composite Fibers&#146; first-quarter 2016 operating income decreased $3.5&nbsp;million to $11.2&nbsp;million
compared to the year-ago period. Operating results were adversely impacted by the impact of lower
selling prices and $0.6&nbsp;million from unfavorable mix and shipping volumes partially offset by a
$1.3&nbsp;million benefit from lower raw material and energy prices. Changes in currency exchange rates
unfavorably impacted operating income by $1.1&nbsp;million.


<P align="left" style="font-size: 10pt"><B><I>Advanced Airlaid Materials</I></B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000">Three months ended March 31</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Dollars in thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Change</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tons shipped
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>24,543</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24,060</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">483</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>60,790</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">62,299</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">(1,509</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(2.4</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>6,552</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,262</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,290</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.5</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating margin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>10.8</B></TD>
    <TD nowrap valign="top"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.4</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Advanced Airlaid Materials&#146; net sales decreased $1.5&nbsp;million in the year-over-year comparison as
$3.8&nbsp;million of lower selling prices from the pass through of lower raw material costs more than
offset higher shipping volumes. Shipping volumes increased 2.0&nbsp;percent primarily due to higher
shipments of adult incontinence and wipes products.


<P align="left" style="font-size: 10pt">First-quarter 2016 operating income totaled $6.6&nbsp;million, an increase of $1.3&nbsp;million, or 24.5
percent compared to the same quarter a year ago and the operating margin widened 240 basis points.
Operating income includes $3.6&nbsp;million of lower raw material and energy costs and improved
operations offset by lower selling prices reflecting the impact of cost pass through arrangements.
Foreign currency translation favorably impacted the comparison by $0.9&nbsp;million.


<P align="left" style="font-size: 10pt"><B><I>Specialty Papers</I></B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Three months ended March 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Dollars in thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Change</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tons shipped
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>205,783</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">198,673</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,110</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.6</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>217,887</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">219,876</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">(1,989</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.9</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Energy and related sales, net
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>666</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,068</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1,402</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(67.8</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>14,975</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9,462</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,513</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">58.3</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating margin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>6.9</B></TD>
    <TD nowrap valign="top"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Specialty Papers&#146; net sales decreased $2.0&nbsp;million, or 0.9&nbsp;percent due to a $4.2&nbsp;million impact
from lower selling prices partially offset by a 3.6&nbsp;percent increase in shipping volumes. The
business unit&#146;s shipments were a record for a first quarter and again outperformed the broader
uncoated free sheet market which increased 1.7&nbsp;percent.


<P align="left" style="font-size: 10pt">Operating income totaled $15.0&nbsp;million, an increase of $5.5&nbsp;million, or 58.3% in the year-over-year
comparison reflecting a $5.7&nbsp;million benefit from lower raw material and energy prices and $4.8
million from improved operations. The favorable factors were partially offset by the impact of
lower selling prices as well as a $1.4&nbsp;million decrease in energy and related sales.


<P align="left" style="font-size: 10pt"><B>Other Financial Information</B>


<P align="left" style="font-size: 10pt">Pension expense decreased to $1.2&nbsp;million compared with $2.8&nbsp;million in the year-earlier quarter
reflecting the impact of higher discount rates partially offset by lower assumed returns on plan
assets. For 2016, full year pension expense is expected to be $4.6&nbsp;million. Because the Company&#146;s
qualified plan remains overfunded, a cash contribution is not expected for the foreseeable future.


<P align="left" style="font-size: 10pt">The Company recorded an income tax provision of $5.1&nbsp;million resulting in an effective tax rate of
23.9&nbsp;percent compared with 24.5&nbsp;percent on adjusted earnings in the same quarter a year ago.


<P align="left" style="font-size: 10pt"><B>Balance Sheet and Other Information</B>


<P align="left" style="font-size: 10pt">Cash and cash equivalents totaled $70.3&nbsp;million as of March&nbsp;31, 2016, and net debt was $293.8
million compared with $255.4&nbsp;million at the end of 2015. (Refer to the calculation of this measure
provided in the tables at the end of this release.)


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<P align="left" style="font-size: 10pt">Capital expenditures during the quarter are summarized below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Capital Expenditures</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>March 31</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>43,294</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21,749</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Less: Airlaid capacity expansion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(13,686</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Less: Specialty Papers environmental compliance projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(14,393</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,286</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Normal capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>15,215</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16,463</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Capital expenditures are expected to total between $150&nbsp;million and $170&nbsp;million for 2016,
including approximately $40&nbsp;million to $45&nbsp;million for each of the Airlaid capacity expansion and
Specialty Papers&#146; environmental compliance projects.


<P align="left" style="font-size: 10pt">Adjusted free cash flow for the first quarter of 2016 was a use of $8.1&nbsp;million compared with a use
of $18.4&nbsp;million in the same quarter of 2015. (Refer to the calculation of these measures provided
in this release.)


<P align="left" style="font-size: 10pt"><B>Outlook</B>


<P align="left" style="font-size: 10pt">Composite Fibers&#146; shipping volumes are expected to be approximately 10&nbsp;percent higher in the second
quarter than the first quarter of 2016. Selling prices and raw material and energy prices are
expected to be in-line with the first quarter.


<P align="left" style="font-size: 10pt">Advanced Airlaid Materials&#146; shipping volumes, selling prices and average raw material prices in the
second quarter of 2016 are expected to be in-line with the first quarter.


<P align="left" style="font-size: 10pt">For Specialty Papers, the Company expects shipping volumes in the second quarter of 2016 to decline
by approximately 5&nbsp;percent compared with the first quarter. Overall selling prices are expected to
increase slightly compared with the first quarter of 2016 as the recently announced price increases
begin to be realized. Input costs are expected to be in-line with the first quarter. The Company
also plans to complete the annual maintenance outages at its U.S. facilities in the second quarter
of 2016. The outages are expected to adversely impact operating profit by approximately $25
million to $27&nbsp;million, pre-tax, compared with $33.4&nbsp;million in the second quarter of 2015.


<P align="left" style="font-size: 10pt">Corporate costs in the second quarter of 2016 are expected to be approximately $2&nbsp;million higher
than the first quarter of 2016.


<P align="left" style="font-size: 10pt"><B>Conference Call</B>


<P align="left" style="font-size: 10pt">As previously announced, the Company will hold a conference call at 11:00&nbsp;a.m. (Eastern) today to
discuss its first-quarter results. The Company&#146;s earnings release and an accompanying financial
supplement, which includes significant financial information to be discussed on the conference
call, will be available on Glatfelter&#146;s Investor Relations website at the address indicated below.
Information related to the conference call is as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">What:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Glatfelter&#146;s<sup> </sup>1st Quarter 2016 Earnings Release Conference Call</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">When:<BR>
Number:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday, May&nbsp;3, 2016, 11:00&nbsp;a.m. (ET)<BR>
US dial 888.335.5539</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:7%; font-size: 10pt; text-indent: 8%">International dial 973.582.2857



<P align="left" style="margin-left:4%; font-size: 10pt">Conference ID: 86746731

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">Webcast:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">http://www.glatfelter.com/about&#151;us/investor&#151;relations/default.aspx</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">Rebroadcast Dates:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">May&nbsp;3, 2016, 2:00 p.m. through May&nbsp;17, 2016, 11:59&nbsp;p.m.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">Rebroadcast Number:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Within US dial 855.859.2056<BR>
International dial 404.537.3406</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 10pt">Conference ID: 86746731


<P align="left" style="font-size: 10pt">Interested persons who wish to hear the live webcast should go to the website prior to the starting
time to register, download and install any necessary audio software.


<P align="left" style="font-size: 10pt"><B>Caution Concerning Forward-Looking Statements</B>


<P align="left" style="font-size: 10pt">Any statements included in this press release which pertain to future financial and business
matters are &#147;forward-looking statements&#148; within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995. The Company uses words such as
&#147;anticipates&#148;, &#147;believes&#148;, &#147;expects&#148;, &#147;future&#148;, &#147;intends&#148;, &#147;plans&#148;, and similar expressions to
identify forward-looking statements. Any such statements are based on the Company&#146;s current
expectations and are subject to numerous risks, uncertainties and other unpredictable or
uncontrollable factors that could cause future results to differ materially from those expressed in
the forward-looking statements including, but not limited to: changes in industry, business,
market, political and economic conditions in the U.S. and other countries in which the Company does
business, demand for or pricing of its products, changes in the cost to construct the new facility,
changes in tax legislation, governmental laws, regulations and policies, initiatives of regulatory
authorities, technological changes and innovations, market growth rates, and availability and costs
of a qualified workforce. In light of these risks, uncertainties and other factors, the
forward-looking matters discussed in this press release may not occur and readers are cautioned not
to place undue reliance on these forward-looking statements. The forward-looking statements speak
only as of the date of this press release and Glatfelter undertakes no obligation, and does not
intend, to update these forward-looking statements to reflect events or circumstances occurring
after the date of this press release. More information about these factors is contained in
Glatfelter&#146;s filings with the U.S. Securities and Exchange Commission, which are available at
<U>www.glatfelter.com</U>.


<P align="left" style="font-size: 10pt"><B>About Glatfelter</B>


<P align="left" style="font-size: 10pt">Glatfelter is a global supplier of specialty papers and fiber-based engineered materials, offering
innovation, world-class service and over a century and a half of technical expertise. Headquartered
in York, PA, the company employs over 4,300 people and serves customers in over 100 countries. U.S.
operations include facilities in Pennsylvania and Ohio. International operations include facilities
in Canada, Germany, France, the United Kingdom and the Philippines, and sales and distribution
offices in China and Russia. Glatfelter&#146;s sales approximate $1.7&nbsp;billion annually and its common
stock is traded on the New York Stock Exchange under the ticker symbol GLT. Additional information
may be found at www.glatfelter.com.


<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->

<P align="center" style="font-size: 10pt"><B>P. H. Glatfelter Company and subsidiaries<BR>
Consolidated Statements of Income<BR>
(unaudited)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>March 31</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands, except per share</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>402,218</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">417,469</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Energy and related sales, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>666</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>402,884</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">419,537</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Costs of products sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>345,041</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>57,843</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Selling, general and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31,858</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Losses (gains)&nbsp;on dispositions of plant,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:50px; text-indent:-10px">equipment and timberlands, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,654</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,961</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,490</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Non-operating income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4,116</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,508</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>91</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(700</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(187</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total other expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4,725</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,630</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,236</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Income tax provision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,068</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,935</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>16,168</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Earnings Per Share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>0.37</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.37</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Cash dividends declared per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>0.125</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Weighted average shares outstanding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,521</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,252</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,871</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,949</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">4
<!-- PAGEBREAK -->


<P align="center" style="font-size: 10pt"><B>Business Unit Financial Information<BR>
(unaudited)</B>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Three months ended March 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Advanced Airlaid</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In millions</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Composite Fibers</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Materials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Specialty Papers</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Other and Unallocated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Total</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>123.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">135.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>60.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">62.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>217.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">219.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>402.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">417.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Energy and related sales, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>123.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>60.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>218.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>402.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">419.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost of products sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>101.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>191.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>345.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(0.5</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>57.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SG&#038;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gains on dispositions of
plant, equipment and
timberlands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.7</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total operating income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(6.8</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-operating income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4.7</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4.7</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4.6</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income (loss)&nbsp;before income
taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>11.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>6.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>15.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(11.5</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(10.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>21.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Supplementary Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net tons sold (thousands)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>205.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>267.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation, depletion and
amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>7.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>2.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>6.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>0.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>16.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt">The sum of individual amounts set forth above may not agree to the consolidated financial
statements included herein due to rounding.


<P align="center" style="font-size: 10pt; display: none">5
<!-- PAGEBREAK -->

<P align="center" style="font-size: 8pt"><FONT style="font-size: 12pt"><B>Selected Financial Information<BR>
(unaudited)</B></FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>March 31</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2016 </B>2015</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt"><B>Cash Flow Data</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Cash provided (used)&nbsp;by:</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Operating activities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>11,441</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">2,155</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Investing activities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>(43,561</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">(20,623</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Financing activities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>(4,098</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">(7,190</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Depreciation, depletion and amortization</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>16,646</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">15,975</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Capital expenditures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>43,294</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">21,749</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31 2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31 2015</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt"><B>Balance Sheet Data</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Cash and cash equivalents</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>70,262</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">105,304</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Total assets</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>1,521,440</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">1,500,416</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Total debt</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>364,099</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">360,662</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Shareholders&#146; equity</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>690,171</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">663,247</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt"><I>The amount set forth for Total debt as of December&nbsp;31, 2015, has been restated to retroactively
adopt Accounting Standards Number 2015-03, Interest &#151; Imputation of Interest (Subtopic 835-30)
Simplifying the Presentation of Debt Issuance Costs.</I>
</FONT>

<P align="center" style="font-size: 10pt; display: none">6
<!-- PAGEBREAK -->

<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><B><I>Reconciliation of GAAP Financial Information to Non-GAAP Financial Information</I></B>
</FONT>

<P align="left" style="font-size: 10pt">This press release includes a discussion of earnings before the effects of certain specifically
identified items, which is referred to as adjusted earnings, a non-GAAP measure. The Company uses
non-GAAP adjusted earnings to supplement the understanding of its consolidated financial statements
presented in accordance with GAAP. Non-GAAP adjusted earnings is meant to present the financial
performance of the Company&#146;s core operations, which consists of the production and sale of
specialty papers, composite fibers papers and airlaid non-woven materials. Management and the
Company&#146;s Board of Directors use non-GAAP adjusted earnings to evaluate the performance of the
Company&#146;s fundamental business in relation to prior periods. The performance of the Company&#146;s
operations is evaluated based upon numerous items such as tons sold, average selling prices, gross
margins and overhead, among others. Gains on the sale of timberlands, acquisition and integration
related costs, and workforce efficiency charges, among others, are excluded from the Company&#146;s
calculation of non-GAAP adjusted earnings because management believes each of these items is unique
and not part of the Company&#146;s core business, and will only impact the Company&#146;s financial results
for a limited period of time. Gains from timberland sales are distinct from revenues generated
from product sales. Unlike items such as cost of raw materials and overhead costs, acquisition and
integration related costs, and workforce efficiency charges, are unique items that do not represent
direct costs incurred in the manufacture and sale of the Company&#146;s products.


<P align="left" style="font-size: 10pt">Unlike net income determined in accordance with GAAP, non-GAAP adjusted earnings does not reflect
all charges and gains recorded by the Company for the applicable period and, therefore, does not
present a complete picture of the Company&#146;s results of operations for the respective period.
However, non-GAAP adjusted earnings provides a measure of how the Company&#146;s core operations are
performing, which management believes is useful to investors because it allows comparison of such
operations from period to period. Non-GAAP adjusted earnings should not be considered in isolation
from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Calculation of Adjusted Free Cash Flow</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>March 31</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>11,441</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Less: Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(43,294</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,749</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Add back: Airlaid capacity expansion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,686</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Add back: Specialty Papers&#146; environmental compliance projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,393</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,286</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Exclude: Cellulosic biofuel/Alternative fuel mixture credits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4,277</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,065</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Adjusted free cash flow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(8,051</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(18,373</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="62%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Net Debt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2015</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>7,704</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>356,395</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>364,099</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">360,662</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Less: Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(70,262</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(105,304</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Net Debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>293,837</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">255,358</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt"><I>The amounts set forth above as of December&nbsp;31, 2015, have been restated to retroactively adopt
Accounting Standards Number 2015-03, Interest &#151; Imputation of Interest (Subtopic 835-30)
Simplifying the Presentation of Debt Issuance Costs.</I>
</FONT>


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<P align="left" style="font-size: 10pt"><FONT style="font-size: 10pt"><B>CORPORATE PARTICIPANTS</B>
</FONT>

<P align="left" style="font-size: 10pt"><B>John Jacunski </B><I>Glatfelter &#151; EVP, CFO, and President, Specialty Papers</I>


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><I>Glatfelter &#151; CEO</I>


<P align="left" style="font-size: 10pt"><B>CONFERENCE CALL PARTICIPANTS</B>


<P align="left" style="font-size: 10pt"><B>Anojja Shah </B><I>BMO Capital Markets &#151; Analyst</I>


<P align="left" style="font-size: 10pt"><B>Dan Jacome </B><I>Sidoti & Company &#151; Analyst</I>


<P align="left" style="font-size: 10pt"><B>Alec Cummings </B><I>Deutsche Bank &#151; Analyst</I>


<P align="left" style="font-size: 10pt"><B>PRESENTATION</B>


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Good morning. My name is Brandi, and I will be your conference operator for today. At this
time I would like to welcome everyone to Glatfelter&#146;s 2016 Q1 earnings conference call. (Operator
Instructions)


<P align="left" style="font-size: 10pt">Thank you. I would now like to turn the conference over to John Jacunski. Sir, please go ahead.


<P align="left" style="font-size: 10pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP, CFO, and Business Unit President, Specialty Papers</I></B>


<P align="left" style="font-size: 10pt">Thank you, Brandi. Good morning and welcome to Glatfelter&#146;s 2016 first-quarter earnings
conference call. This is John Jacunski. I&#146;m the Company&#146;s CFO and President of the Specialty Papers
business unit. Before we begin our presentation, I have a few standard reminders.


<P align="left" style="font-size: 10pt">During our call this morning we will use the term adjusted earnings as well as other non-GAAP
financial measures. A reconciliation of these financial measures to our GAAP-based results is
included in today&#146;s earnings release and in the investor slides. We will also make forward-looking
statements today that are subject to risks and uncertainties. Our 2015 Form 10-K filed with the SEC
and today&#146;s release, both of which are available on our website, disclose factors that could cause
our actual results to differ materially from these forward-looking statements.


<P align="left" style="font-size: 10pt">These forward-looking statements speak only as of today, and we undertake no obligation to update
them. And finally, we have made available a slide presentation to accompany our comments on this
morning&#146;s call. You may access the slides on our website or through this morning&#146;s webcast
provider.


<P align="left" style="font-size: 10pt">I will now turn the call over to Dante Parrini, Glatfelter&#146;s Chairman and Chief Executive Officer.


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">Thank you, John.


<P align="left" style="font-size: 10pt">Good morning and thank you for joining us to discuss our 2016 first-quarter results.


<P align="left" style="font-size: 10pt">Our results reflect a solid start to the year. As shown on slide 3, we generated adjusted earnings
per share of $0.37, an increase of 23% over the prior-year quarter. Revenue for the quarter was
$402&nbsp;million, down 2.4% on a constant currency basis compared to the same quarter last year, and
shipments were up 2.5%.


<P align="left" style="font-size: 10pt">Composite Fibers had a challenging start to 2016, with shipments down 3% compared to last year and
operating profit declining 24%. Following strong volume growth in 2015, demand in the food and
beverage market segment was impacted by inventory reduction efforts by some of our larger
customers, resulting in a 6% decline in shipments. We expect demand for these products to return to
more normal market growth patterns in the second half of the year.


<P align="left" style="font-size: 10pt">In the wall cover market, Russia and Ukraine seems to have stabilized, and we&#146;re seeing some
indications that shipments will improve in the nearer term. In Advanced Airlaid Materials we had a
solid quarter, with continued growth in shipments of personal care products. Shipments of hygiene
products grew 3%, and specialty wipes were up 5%. Continuous improvement in operating performance
at both facilities and the benefits from a weak Canadian dollar increased operating profit by 25%.
We also made good progress with our capacity expansion plans for the business, which I will update
you on during my closing remarks.


<P align="left" style="font-size: 10pt">For Specialty Papers, shipments in the quarter were a record for Q1 and up 4% compared to last
year, again outperforming the broader uncoated freesheet market. Pricing in commodity grades were
below year-ago levels, but we expect improvements as we implement the recently announced price
increases. Significantly lower input costs and improved operations more than offset the effects of
lower prices, driving operating profit up 58%.


<P align="left" style="font-size: 10pt">This concludes my opening remarks. John will now provide a more in-depth review of our
first-quarter results, then I&#146;ll offer some closing comments before taking your questions. John?


<P align="left" style="font-size: 10pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP, CFO, and President, Specialty Papers</I></B>


<P align="left" style="font-size: 10pt">Thank you, Dante. For the first quarter we reported net income of $16.2&nbsp;million or $0.37 per
share. After excluding non-core business items, we reported net income of $16.3&nbsp;million or $0.37
per share compared to $0.30 in 2015.


<P align="left" style="font-size: 10pt">Slide 4 shows a bridge of adjusted earnings per share from the first quarter of last year to this
year.


<P align="left" style="font-size: 10pt">Composite Fibers had a challenging quarter, with results reducing earnings per share by $0.06,
including a negative $0.02 impact from foreign currency translation. Advanced Airlaid Materials&#146;
results increased earnings per share by $0.02, due in part to a positive impact from the weak
Canadian dollar.


<P align="left" style="font-size: 10pt">Specialty Papers results increased earnings per share by $0.09.


<P align="left" style="font-size: 10pt">Higher corporate costs, driven by the Fox River legal matter, reduced earnings per share by $0.02;
and lower pension expense increased earnings per share by $0.03.


<P align="left" style="font-size: 10pt">Slide 5 shows a summary of first-quarter results for the Composite Fibers business. Total revenue
for this business was $124&nbsp;million, a decrease of 5% on a constant currency basis compared to last
year, with overall shipping volumes down 3%. As a result of price declines in 2015, selling prices
negatively impacted operating profit by $3&nbsp;million compared to the first quarter of last year.
Selling prices were flat on a sequential-quarter basis. The lower selling prices were partially
offset by lower prices for energy and certain raw materials.


<P align="left" style="font-size: 10pt">Due to tightness in the availability of abaca fiber, market prices are increasing for this critical
raw material for our tea and coffee products. Demand for tea and single-serve coffee products was
soft, with shipping volume down 6% compared to the year-ago quarter. After strong shipments last
year, this reduction reflects a few key customers reducing inventory levels, which we expect to
continue in the second quarter.


<P align="left" style="font-size: 10pt">We remain the global market leader for beverage filtration papers, and we expect demand for these
products to return to more normal growth patterns in the second half of the year. Shipments of wall
cover products were down 3% this quarter compared to a 20% reduction throughout 2015, and we are
seeing indications that demand may improve in this market in the near term. And finally, we
continue to see growth in our composite laminates products, with shipments up 5% compared to last
year.


<P align="left" style="font-size: 10pt">We had another solid quarter from an operations perspective, which was in line with the year-ago
quarter and our performance throughout 2015. We expect our solid operational performance to
continue and to at least offset the impact of general cost inflation. Overall operating profit
decreased for the quarter to $11.2&nbsp;million compared to $14.7&nbsp;million a year ago, including a
negative $1.1&nbsp;million impact from foreign currency.


<P align="left" style="font-size: 10pt">For the second quarter, when compared to the first quarter, we expect shipping volumes to be
approximately 10% higher. We expect selling prices and raw material and energy prices all to be in
line with the first quarter. During the first quarter we announced a 5% price increase on our tea
and coffee products, driven by the higher cost of abaca and other natural specialty long fibers. We
expect to begin to realize these price increases in the second half of the year as customer pricing
arrangements and contracts renew.


<P align="left" style="font-size: 10pt">Advanced Airlaid Materials results are summarized on slide 6.


<P align="left" style="font-size: 10pt">This business performed well during the quarter, with improved demand and operating margins
compared to the same quarter a year ago. Revenue during the quarter was $60.8&nbsp;million, down 1.3% on
a constant currency basis compared to last year, with shipments up 2% in comparison. The decline in
revenue was driven by lower selling prices from customer contract provisions that require the
pass-through of raw material cost movements.


<P align="left" style="font-size: 10pt">Shipments of hygiene products were up 3%, and specialty wipes were up 5% compared to the year-ago
quarter. We see continued growth opportunities in these segments as the market grows and the
airlaid technology gains share.


<P align="left" style="font-size: 10pt">On the operating side, the teams in both facilities performed very well in the first quarter, again
achieving higher production output to serve the growing customer demand and offset the impact of
general inflation. As a result, operating income for this business increased to $6.6&nbsp;million
compared to $5.3&nbsp;million last year, including a $900,000 benefit from foreign currency.


<P align="left" style="font-size: 10pt">For the second quarter we expect shipping volumes to be in line with the first quarter but well
ahead of the second quarter last year. In addition, we expect average selling prices and raw
material prices to be in line with the first quarter.


<P align="left" style="font-size: 10pt">Slide 7 provides a summary of the Specialty Papers business.


<P align="left" style="font-size: 10pt">Shipments for Specialty Papers increased 3.6% when compared to the first quarter of last year.
Growth in book publishing drove the increase in shipments, which was partially offset by declines
in other market segments.


<P align="left" style="font-size: 10pt">Selling prices in the first quarter were below the first quarter of last year, resulting in a $4.2
million impact to operating profit, including the negative FX impact of $600,000 from sales
denominated in the Canadian dollar. Lower raw material and energy costs more than offset the impact
of lower pricing.


<P align="left" style="font-size: 10pt">As a result of shutdown of industry capacity for uncoated freesheet this quarter, the industry,
including Glatfelter, announced a price increase of $60 per ton on non-carbonless forms, book, and
envelope products, effective April 1. This price increase applies to about 500,000 tons of annual
business for Specialty Papers. As is typical, the price increase will be phased in over several
months based on customer agreements and competitive dynamics. We expect to begin to see some impact
of the price increase in the second quarter. The ultimate success of the increase will be dependent
on the supply/demand balance and the discipline with which it is implemented across the industry.


<P align="left" style="font-size: 10pt">From an operations perspective, pulp production increased 9.5% in the quarter, and overall
reliability improved. Despite some challenges from weather in January, operations delivered a $4.8
million improvement to earnings in the year-over-year comparison.


<P align="left" style="font-size: 10pt">Lower market pricing for electricity reduced the sale of excess generation in Spring Grove,
negatively impacting results by $1.4&nbsp;million. The net result was a $5.5&nbsp;million improvement to
operating profit compared to the year-ago quarter.


<P align="left" style="font-size: 10pt">For this business in the second quarter we expect shipping volumes to be approximately 5% lower
than the first quarter, reflecting the normal impact of our annual maintenance outages. Selling
prices are expected to increase slightly as the previously mentioned price increases begin to be
realized. We expect input costs to remain in line with the first quarter. We will also complete our
annual maintenance outages during the second quarter, with an expected impact to operating profit
of approximately $25&nbsp;million to $27&nbsp;million compared to $33.4&nbsp;million last year.


<P align="left" style="font-size: 10pt">Slide 8 shows corporate costs and other financial items.


<P align="left" style="font-size: 10pt">During the first quarter, corporate costs were $5.4&nbsp;million compared to $4.2&nbsp;million in 2015. The
increase was driven by higher legal costs for the Fox River matter as we prepare for trial,
scheduled for March of 2017. And as previously reported, we expect our pension costs to be lower in
2016, primarily due to higher discount rates.


<P align="left" style="font-size: 10pt">Slide 9 shows our free cash flow.


<P align="left" style="font-size: 10pt">During the first quarter, our adjusted free cash flow was a use of $8.1&nbsp;million compared to a use
of $18.4&nbsp;million in the first quarter of last year. The improvement was primarily due to lower cash
utilization for working capital and improved earnings from our businesses.


<P align="left" style="font-size: 10pt">Capital expenditures have increased due to the airlaid capacity expansion project and Specialty
Papers&#146; boiler environmental compliance projects. We continue to expect total capital expenditures
of $150&nbsp;million to $170&nbsp;million in 2016. Additional details on CapEx are provided on slide 14.


<P align="left" style="font-size: 10pt">Our first-quarter spending on Fox River remediation totaled $700,000, reflecting the final payments
for work performed in 2015. We have submitted our plans for remediation work in 2016 and we have
begun to perform against these plans. We expect our spending in 2016 to be less than $10&nbsp;million.


<P align="left" style="font-size: 10pt">Slide 10 shows some balance sheet and liquidity metrics.


<P align="left" style="font-size: 10pt">Our net debt on March&nbsp;31 totaled $294&nbsp;million, up $38&nbsp;million from the end of 2015. We finished the
quarter with $70&nbsp;million of cash and $252&nbsp;million available under our revolving credit facility.
Our balance sheet remains in good shape, with leverage on a net debt basis of 1.8x. We believe this
provides sufficient liquidity to meet our near-term investment needs and to continue to execute our
growth strategies.


<P align="left" style="font-size: 10pt">This concludes my comments. I will turn the call back to Dante.


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">Thanks, John. The year has gotten off to a solid start, and we believe we can continue to
build on our overall progress. Our Composite Fibers business is core to our growth strategy and
remains the global market leader in attractive consumer product categories, with healthy long-term
growth potential. We are seeing some indications of improvement in the wall cover market, and we
expect more normal growth patterns in the food and beverage market in the second half of 2016.


<P align="left" style="font-size: 10pt">Our Advanced Airlaid Materials business continues to build on its leadership positions in the
feminine hygiene, adult incontinence, and specialty wipes markets. We expect these markets to grow
about 5% per year, which led us to pursue a capacity expansion project for the North American
market. In March we announced the selection of Fort Smith, Arkansas, for the new airlaid facility.
We&#146;ve closed on the purchase of an existing manufacturing building, and it&#146;s currently being
modified for the airlaid production process. We have also finalized a contract for the specialty
airlaid equipment needed at the facility.


<P align="left" style="font-size: 10pt">We are progressing as planned and expect the facility to be operational in the fourth quarter of
2017, with commercial shipments beginning in the first quarter of 2018. This facility will add
22,000 tons of capacity to serve our growing markets.


<P align="left" style="font-size: 10pt">And in Specialty Papers we continued to deliver on new business and new product development
initiatives, which led to record Q1 shipments. We also expect to benefit from announced price
increases that we&#146;ve begun to implement, and we continue to make good progress on our environmental
compliance projects, as John mentioned, in both facilities, expecting completion on time and on
budget.


<P align="left" style="font-size: 10pt">In addition, we will continue our disciplined approach to daily execution, controlling costs,
providing superior customer service, and developing new products and new business relationships &#151;
all while remaining focused on executing our long-term growth strategy. I believe this approach
will continue to serve our business well and position Glatfelter for future success.


<P align="left" style="font-size: 10pt">Before I open the call for your questions, I&#146;d like to address two key management changes that were
made during the quarter. In March, Sam Hillard joined us as Vice President of Corporate Development
and Strategy. Sam brings to Glatfelter deep experience in M&A and strategy development, both in
industry and investment banking. He fills a position that was vacant over the last year due to the
promotion of Chris Astley to President of the Advanced Airlaid Materials business. Also during the
quarter, Brian Janki resigned as President of the Specialty Papers business to pursue another
opportunity. I asked John Jacunski to take on this role in addition to retaining his
responsibilities as CFO. John is a well respected and experienced senior leader at Glatfelter who
has a demonstrated track record of success. John provides the strategic thought leadership and
drive for results required to guide Specialty Papers toward realizing its full potential.


<P align="left" style="font-size: 10pt">Over the last several years, John has built a high-performing finance organization, which when
combined with the veteran industry talent that makes up our Specialty Papers leadership team and
the addition of Sam Hillard, gives me confidence that we have the right team in place to execute
our strategy and deliver value to our shareholders.


<P align="left" style="font-size: 10pt">I&#146;ll now open the call for your questions.


<P align="left" style="font-size: 10pt"><B>QUESTION AND ANSWER</B>


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">(Operator Instructions) Anojja Shah, BMO capital.


<P align="left" style="font-size: 10pt"><B>Anojja Shah </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">My question is about the food and beverage weakness that you saw in Composite Fibers. I
believe you said it was down 6%, and part of it was due to your customers drawing down inventory.
Can you give any more color on that? Like, was it all inventory drawdowns? Was there anything else
going on? Just anything else you can tell us about it.


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">Yes, happy to do so. The entire 6% delta is due to inventory reductions. So from our point of
view we have no material changes to our markets, and we haven&#146;t lost any market share.


<P align="left" style="font-size: 10pt"><B>Anojja Shah </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, great. But you do you expect some more of that in 2Q, but then returning in 3Q?


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">Yes, I think from a food and beverage point of view, we think volumes will be flattish from Q1
to Q2 on a sequential-quarter basis. And then in the second half of the year we&#146;ll start to &#151;
we&#146;ll see our more normalized industry growth levels.


<P align="left" style="font-size: 10pt"><B>Anojja Shah </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, great. And then just switching over to your nonwoven wall coverings, you made a comment
that demand may improve in the near term. Can you give a little more detail on that, why you are
confident about that?


<P align="left" style="font-size: 10pt">And also you said you have a new product, a new lower-priced product for the Russian and Eastern
European market. Maybe an update on sales trends there. Thank you.


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">So, as you know, the Russian and Ukrainian markets have been very challenging and quite
volatile over the last several quarters. We have very strong customer relationships. We have a lot
of feet on the ground.


<P align="left" style="font-size: 10pt">And the discussions that we&#146;ve been having with our customers indicate that we expect to see some
volume growth this year, starting next quarter. And with currency levels, with the euro at about &#151;
the ruble is about 76 to the euro right now. So that&#146;s a pretty stable level, according to our
customers, where they can manage. So again, it&#146;s a bit volatile; and the crystal ball isn&#146;t quite
as clear in a long-term perspective, but based on the data that we have collected and the customer
behaviors that we are observing, we have an expectation to see overall wall cover shipments
increasing, which is a positive thing for us.


<P align="left" style="font-size: 10pt">I think the other part of your question, talking about other products, is &#151; we talked about,
several quarters ago, the fact that we expanded our portfolio to introduce some lower basis weight
products that could provide some solutions to our customers that were challenged with regard to
currency volatility.


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->

<P align="left" style="font-size: 10pt"><B>Anojja Shah </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Right. Great. Thank you.


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">(Operator Instructions) Dan Jacome, Sidoti & Company.


<P align="left" style="font-size: 10pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">I appreciate your time. Three quick questions. Can you just give us a little flavor of what
progress you are making over at Fort Smith facility for the airlaid segment? And then &#151; that&#146;s the
first question.


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">Sure. We are tracking according to plan. So as I said, we purchased a building. We are in the
process of making modifications to accommodate the airlaid production process. We&#146;ve solidified
contracts for the equipment that we&#146;re going to put in the facility.


<P align="left" style="font-size: 10pt">We&#146;ve been very warmly received by the broader community in Fort Smith and across the state of
Arkansas, which is wonderful. We&#146;re excited and looking forward to establishing our operations
there. And the game plan is for us to have the facility complete by the end of 2017 and producing
and shipping product in Q1 2018.


<P align="left" style="font-size: 10pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, and &#151; that&#146;s good. Can you just remind us why that location was chosen? Is it proximity
to end customers, I imagine?


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">Yes, so we did the analytics, and the demand was continuing to grow in North America. And as
we looked at customer concentration, supply chain, and logistics opportunities, and a few other
considerations in terms of the broader economic consideration that Glatfelter would be afforded in
these in various locations, we determined that Arkansas was the best location for us. And we were
very fortunate to find a great facility that we were able to purchase.


<P align="left" style="font-size: 10pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, got it. That&#146;s helpful. The second question was just on SG&A. Can you just give us some
incremental high-level thoughts on what sort of leverage you might be able to get this year? I know
in second half of last year there were some labor force reductions, but this quarter we didn&#146;t
really see, net-net, much of a benefit. How should we think about that?


<P align="left" style="font-size: 10pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP, CFO, and President, Specialty Papers</I></B>


<P align="left" style="font-size: 10pt">Yes, so Dan, so on strict SG&A, particularly on the corporate side, we expect our costs to
increase in the second quarter. The guidance we provided in the slides &#151; and this is summarized on
slide 12 in the investor packet &#151; is that we will expect our corporate SG&A costs to be up about
$2&nbsp;million in the second quarter compared to the first quarter. This is being driven by some of the
Fox River legal costs, which have ticked up as we are preparing for trial in 2017. And then also
some corporate initiatives that we have.


<P align="left" style="font-size: 10pt">When I think about the broader context of your question of labor, we had a program last year to
reduce costs by about $30&nbsp;million, and that included a headcount reduction program. We reduced
global headcount by about 3%. We don&#146;t have a similar type target for this year, although we expect
that in our Specialty Papers business, given the competitive dynamics in that business, that we
will continue to see some headcount reductions as &#151; primarily through attrition as we look to
continue to improve efficiencies.


<P align="left" style="font-size: 10pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay. Well, those $30&nbsp;million, is there anything left, or is that already &#151; my impression was
that some of that was going to flow into 2016, or was that a completely 2015 event?


<P align="left" style="font-size: 10pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP, CFO, and President, Specialty Papers</I></B>


<P align="left" style="font-size: 10pt">That was a 2015 event.


<P align="left" style="font-size: 10pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay, got you. And then my last question. I have to ask, just with the way the stock is today:
how much is left on your buyback program?


<P align="left" style="font-size: 10pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP, CFO, and President, Specialty Papers</I></B>


<P align="left" style="font-size: 10pt">How much is left?


<P align="left" style="font-size: 10pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Yes.


<P align="left" style="font-size: 10pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP, CFO, and President, Specialty Papers</I></B>


<P align="left" style="font-size: 10pt">Our buyback program, we have around $35&nbsp;million on the buyback program, although it does
expire here in a few weeks. With the capital commitments we have around the airlaid facility, and
the environmental compliance projects for Specialty Papers, and the high level of CapEx this year
and next year, we do not currently anticipate to put a new authorization in place right now. But we
will continue to look at our cash flows and address that as we move forward.


<P align="left" style="font-size: 10pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay. So it sounds like buybacks are off the table through 2017?


<P align="left" style="font-size: 10pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP, CFO, and President, Specialty Papers</I></B>


<P align="left" style="font-size: 10pt">I&#146;d say at least in the near term, given the capital that we&#146;re expending on some of our
growth initiatives and the Specialty Papers compliance project.


<P align="left" style="font-size: 10pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Understandable. Thanks a lot.


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Alec Cummings, Deutsche Bank.


<P align="left" style="font-size: 10pt"><B>Alec Cummings </B><B><I>- Deutsche Bank &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">I was wondering, could you give a little more color on the pricing environment in Composite
Fibers? And given that prices were flat sequentially, would you expect the year-over-year impact to
subside as we progress through the remainder of 2016?


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">Yes. And you know that we did announce a price increase for some food and beverage products.
And the nature of our contracts in this part of the business is a little bit different than perhaps
Specialty Papers. So we would expect to see some of the benefits of these price increases to roll
through the P&L over the next couple, three quarters.


<P align="left" style="font-size: 10pt"><B>Alec Cummings </B><B><I>- Deutsche Bank &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay. And then I also wanted to get your thoughts on yesterday&#146;s fluff pulp transaction. And
if some divestments need to be made for regulatory reasons, would any of those assets potentially
be of interest?


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">So the observation is that this is a process that&#146;s been very public, so there was a lot of
speculation as to who might be the logical and final owners of the asset. So &#151; not very surprised
with the outcome.


<P align="left" style="font-size: 10pt">As it pertains to fluff pulp, we&#146;re big buyers of fluff pulp. There&#146;s also more capacity coming
online, whether it&#146;s in Brazil or the Chinese that are also going to be building a facility in
southern Arkansas, which I believe is scheduled to open in 2019.


<P align="left" style="font-size: 10pt">So, a reminder that about 90% of the airlaid business has a cost pass-through on pulp. So I think
we&#146;re very confident with the overall supply chain and our relationships with the existing players
and potential new players. We are very open to learning more about those opportunities.


<P align="left" style="font-size: 10pt">As it pertains to Glatfelter buying pulp mills, that&#146;s not something I envision doing. And we don&#146;t
really have a practice of commenting on particular targets or speculating about M&A activities.


<P align="left" style="font-size: 10pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP, CFO, and President, Specialty Papers</I></B>


<P align="left" style="font-size: 10pt">Alec? Brandi?


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">Alec, please continue.


<P align="left" style="font-size: 10pt"><B>Alec Cummings </B><B><I>- Deutsche Bank &#151; Analyst</I></B>


<P align="left" style="font-size: 10pt">Okay. Sorry, I was finished. I think I lost you for second.


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">No worries.


<P align="left" style="font-size: 10pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP, CFO, and President, Specialty Papers</I></B>


<P align="left" style="font-size: 10pt">Brandi, are there any further questions?


<P align="left" style="font-size: 10pt"><B>Operator</B>


<P align="left" style="font-size: 10pt">No, sir, not at this time. (Operator Instructions)


<P align="left" style="font-size: 10pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; CEO</I></B>


<P align="left" style="font-size: 10pt">Okay. Well, I just want to thank everyone for joining our call today, and we look forward to
speaking with you next quarter. Have a good day.


<P align="left" style="font-size: 10pt"><FONT style="font-size: 8pt"><B>Operator</B>
</FONT>

<P align="left" style="font-size: 8pt">Thank you, ladies and gentlemen. This does conclude today&#146;s conference call. You may now
disconnect your lines.



<P align="center" style="font-size: 10pt; display: none">3




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
